The United Nation has called for a $500 billion annual fund that will assist developing countries to invest in their lives, livelihoods and infrastructures as part of efforts to reduce the devastating impacts of climate change.
UN Secretary General, Antonio Guterres made the called while addressing African leaders and delegates at the ongoing Africa Climate Change Summit in Kenya on Tuesday.
In his address, Guterres said “And I have called for an SDG Stimulus of at least $500 billion a year to help developing countries invest in their people and the systems they need,”.
He noted that although the Africa continent accounts for just four per cent of global emissions, it bears the greatest burden of climate change effects.
“Today, I renewed my call for the world to step up climate action to avoid the worst effects of climate change, keep global promises to provide essential support, and help Africa make a just and equitable transition to renewable energy,” the UN chief was quoted as saying.
While reiterating that Africa can be a renewable energy superpower, he said it is time to bring together African countries with developed countries, financial institutions and technology companies to create a true African Renewable Energy Alliance.
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All of these, he said, require addressing another injustice; an outdated, unfair and dysfunctional global financial system.
Guterres said that on the average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European countries, adding that it was necessary to ensure an effective debt-relief mechanism that supports payment suspensions, longer lending terms, and lower rates for Africa.
“Turbocharging a just and equitable green transition — while supporting development more broadly across Africa — requires a dramatic course correction,” he said.
Story was adapted from Premium Times.
